FXtrades-gp

EURGBP: A possible CHANNEL BREAKOUT!

Long
FX:EURGBP   Euro / British Pound
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🟢Forex Pair:
EUR/GBP

Technical Analysis:
Since the beginning of January 2021, the price has been following an interesting descending channel , breaking through the S/R level at about 0.89300, getting many rejections on the support level at about 0.88100.
It is currently re-testing the same level and the next price action around that zone will be essential to understand the next market movement.

🔴Conclusion:
The price seems to be not strong enough to break the current support zone .
I'm confident to see it getting one more rejection, moving up with a bullish impulse until the next S/R level at about 0.89200.
I'll be waiting for the breakout of its channel before planning my long position on this trade.

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What's your opinion? Share your idea writing a comment!

⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,
Gianni

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Comments

Great analysis, same view
+1 Reply
FXtrades-gp AIRFOREXONE
@AIRFOREXONE, interesting view, thanks for sharing on the comment! :)
Reply
Waiting for trendline breakout above resistance 🐻❄️🙏😊😃
+1 Reply
FXtrades-gp PolarHusk
@PolarHusk, same here! thanks so much !
Reply
Awesome work as usual! Thank you
+1 Reply
FXtrades-gp Mahtab_Tradia
@Mahtab_Tradia, many many thanks!!!
Reply
Great Analysis Dear!!!!
+1 Reply
@FOREXN1, so glad of that! thanks :)
Reply
Good technical set up!
+1 Reply
@abel11 many thanks Abel, as always !
Reply
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